Dealership Corridor
Welcome to the New Year rush! At your dealership, you’re trying to move out those older units while negotiating for new models. You’re also connecting with key business partners to review and finalize plans and projections for 2025. And last – but not least – you have a calendar chock full of social commitments with friends and family! But what if I told you that you could connect with more customers and make more in 2025? Let me explain.
Moving more metal is an uphill battle for everyone these days with lingering inflation, high interest rates, and consumer uncertainty. But how many of your customers are turning away because of financial uncertainty versus a subpar online experience?
Forget everything you thought you knew about how online sales inquiries are being handled at your dealership. Our database of more than 1,000 mystery shop inquiries from across the country uncovered hidden goldmines of missed sales opportunities, surprising customer perceptions, and a BDC truth so shocking it could revolutionize your approach to online sales.
Here are three of the biggest issues impacting missed sales opportunities. Read the full report in our e-book.
Vehicle affordability continues to be the albatross weighing down vehicle sales in 2024. While a joint forecast from J.D. Power and GlobalData reflects new vehicle sales rising 1.4 percent year-over-year to 1.21 million units, the average listing price in February was projected at $47,142. This amount is down one percent from early 2023. Regardless of this slight decline, when MSRP is combined with perniciously high interest rates, financing a new vehicle is still out of reach for a large part of the buying public.
But there is a trend worth noting that offers a glimmer of hope to the buyer who needs an affordable new vehicle – leasing! The Experian State of the Automotive Finance Market Q4 2023 reflects that the percentage of borrowers who choose to lease is up significantly. Leasing has always been popular with prime and super prime consumers. However, the auto industry saw a jump in subprime and near-prime leases as well.
